Underlying Security Default definition

Underlying Security Default. Unless otherwise specified in the Trust Agreement, (i) the acceleration of the outstanding Underlying Securities under the terms of the Underlying Securities and/or the applicable Underlying Security Issuance Agreement and failure to pay the accelerated amount on the acceleration date; (ii) the failure of the Underlying Security Issuer (or any applicable guarantor on its behalf) to pay an installment of principal of, or any amount of interest due on, the Underlying Securities after the due date thereof and after the expiration of any applicable grace period; (iii) the initiation by the Underlying Security Issuer or applicable guarantor of any proceedings seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights; (iv) if not otherwise addressed in (iii), the passage of thirty (30) calendar days since the day upon which any person or entity initiates any proceedings against the Underlying Security Issuer or applicable guarantor seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights and such proceeding has not been dismissed prior to such thirtieth day; or (v) other events specified in the Trust Agreement.
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Underlying Security Default. Unless otherwise specified in the Supplement and without regard to whether there has been a subsequent waiver or cure, (i) the failure of the Underlying Securities Issuer (or any applicable guarantor on its behalf) to pay an installment of principal of, or any amount of interest due on, the Underlying Securities after the due date thereof and after the expiration of any applicable grace period; (ii) the initiation by the Underlying Securities Issuer or applicable guarantor of any proceedings seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor’s rights; (iii) if not otherwise addressed in (ii), the passage of thirty (30) calendar days since the day upon which any person or entity initiates any proceedings against the Underlying Securities Issuer or applicable guarantor seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor’s rights and such proceeding has not been dismissed prior to such thirtieth day; or (iv) other events specified in the Supplement.
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Underlying Security Default. Unless otherwise specified in the Terms Schedule, (i) the failure to pay an installment of principal of, or any amount of interest due on, the Underlying Securities after the due date, and after the expiration of any applicable grace period or cure period (provided, however, that, if a Credit Support exists, then failure to pay may be modified in the Terms Schedule) and (ii) the occurrence of any event of default relating to bankruptcy or insolvency of the Underlying Security Issuer under the Underlying Securities and/or the Underlying Security Indenture, as applicable. An Underlying Security Default will be deemed to have occurred for all purposes of the Trust Agreement notwithstanding any subsequent payment (after the default and after any applicable grace period) of such overdue principal or interest.
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Examples of Underlying Security Default in a sentence

  • If a Underlying Security Default occurs on or prior to the first Distribution Date and the Depositor does not receive such Retained Interest amount in connection with such Distribution Date, the Depositor will have a claim for such Retained Interest, and will share pro rata with holders of the Units to the extent of such claim in the proceeds from the recovery on the Underlying Securities.

  • With respect to any Liquidation Event, the Underlying Securities affected by an Underlying Security Default, Disqualified Underlying Securities, or Underlying Securities related to a Termination Event.

  • If an Underlying Security Default occurs on or prior to the first Distribution Date and the Depositor does not receive such Retained Interest amount in connection with such Distribution Date, the Depositor will have a claim for such Retained Interest, and will share pro rata with holders of the Units to the extent of such claim in the proceeds from the recovery on the Underlying Securities.

  • With respect to any Liquidation Event, the Underlying Securities affected by an Underlying Security Default or Disqualified Underlying Securities or Underlying Securities related to a Termination Event.


More Definitions of Underlying Security Default

Underlying Security Default. [If different from Trust Agreement, specify. Subject to confirmation from rating agencies, failure to pay may be modified if a Credit Support exists and the occurrence of a waiver, deferral, restructuring, rescheduling, exchange or other adjustment with respect to the Underlying Security such that the Swap Counterparty reasonably determines that the economic terms of the Underlying Security are materially different or the Underlying Security represents materially greater credit or other risks may be an Underlying Security Default.] Optional Exchange Terms: Trigger Amount: [ $50,000 ] Maximum Reimbursable Amount: [ o ]
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Underlying Security Default. [If different from Trust Agreement, specify. Subject to confirmation from rating agencies, failure to pay may be modified if a Credit Support exists and the occurrence of a waiver, deferral, restructuring, rescheduling, exchange or other adjustment with respect to the Underlying Security such that the Swap Counterparty reasonably determines that the economic terms of the Underlying Security are materially different or the Underlying Security represents materially greater credit or other risks may be an Underlying Security Default.] Optional Exchange Terms: Trigger Amount: [ $50,000 ] Maximum Reimbursable Amount: [ o ] [Maximum Number of Obligors:] [If the total number of obligors in respect of Permitted Investments, Underlying Securities, Swap Agreements, Credit Support and other Deposited Assets will exceed ten, specify the number.] Other Terms: Schedule II (Terms of Trust Property) Underlying Securities ---------------------
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Underlying Security Default. Unless otherwise specified in the Terms Schedule, (i) the acceleration of the maturity of the Underlying Securities under the Underlying Securities and/or the Underlying Security Indenture, as applicable, whether by declaration of the Holders thereof, the Underlying Security Trustee or otherwise, (ii) the failure to pay an installment of principal of, or any amount of interest due on, the Underlying Securities after the due date, and after the expiration of any applicable grace period or cure period, (iii) the occurrence of any event of default relating to bankruptcy or insolvency of the Underlying Security Issuer under the Underlying Securities and/or the Underlying Security Indenture, as applicable or (iv) the occurrence of a waiver, deferral, restructuring, rescheduling, exchange or other adjustment with respect to the Underlying Security such that the Swap Counterparty reasonably determines that the economic terms of the Underlying Security are materially different or the Underlying Security represents materially greater credit or other risks. An Underlying Security Default will be deemed to have occurred for all purposes of the Trust Agreement notwithstanding any rescission or annulment of any such acceleration or any subsequent payment (after the default and after any applicable grace period) of such overdue principal or interest.
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Related to Underlying Security Default

  • Debenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Indenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Authority Default shall have the meaning set forth in Clause 23.2;

  • Servicer Event of Default One or more of the events described in Section 7.01.

  • Issuer Event of Default means the occurrence of any of the following events:

  • Credit Default Swap means any credit default swap entered into as a means to (i) invest in bonds, notes, loans, debentures or securities on a leveraged basis or (ii) hedge the default risk of bonds, notes, loans, debentures or securities.

  • Mortgage Loan Event of Default means an “Event of Default” under and as defined in the Mortgage Loan Agreement.

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Owner Event of Default shall have the meaning set forth in Section 18.3.

  • Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Master Servicer Event of Default One or more of the events described in Section 7.01.

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Potential Issuer Event of Default means any condition, event or act which, with the lapse of time and/or the issue, making or giving of any notice, certification, declaration, demand, determination and/or request and/or the taking of any similar action and/or the fulfilment of any similar condition, would constitute an Issuer Event of Default;